Filing Flows › Cboe Global Markets (CBOE) › Q3 2026 › vs Q2 2026
Cboe Global Markets (CBOE) Q3 2026 vs Q2 2026 (quarter over quarter)
Cboe Global Markets's revenue fell $84.0M (-6%) from $1.4B in Q2 2026 to $1.4B in Q3 2026. The biggest changes: North American Equities −$57.8M (-11%); Europe and Asia Pacific −$14.4M (-12%); Options −$9.7M (-1%). Gross margin 52.4% against 50.7% (+1.7 pts).
Cboe Global Markets, Q3 2026: revenue $1.4B (+19% year over year), operating margin 39.3%, net earnings $428M, operating cash flow $817M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 52.4% | 50.7% | +1.7 pts |
| Operating margin | 39.3% | 33.0% | +6.3 pts |
| Net margin | 31.5% | 24.5% | +7.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Options | $733M | $743M | −$9.7M | -1% |
| North American Equities | $462M | $520M | −$57.8M | -11% |
| Europe and Asia Pacific | $103M | $118M | −$14.4M | -12% |
| Futures | $30.9M | $33.4M | −$2.5M | -7% |
| Global FX | $28.9M | $28.5M | $400K | +1% |
| Revenue | $1.4B | $1.4B | −$84.0M | -6% |
| Gross profit | $712M | $732M | −$19.4M | -3% |
| Cost of revenue | $647M | $711M | −$64.6M | -9% |
| Other income, net | $20.2M | $18.7M | $1.5M | +8% |
| Operating profit | $534M | $476M | $58.3M | +12% |
| Operating expenses | $178M | $256M | −$77.7M | -30% |
| Pre-tax earnings | $554M | $495M | $59.8M | +12% |
| Net earnings | $428M | $353M | $75.1M | +21% |
| Income tax | $126M | $142M | −$15.3M | -11% |
| Depreciation & amortization | $27.7M | $28.1M | −$400K | -1% |
| Share-based compensation | $15.0M | $15.6M | −$600K | -4% |
| Working capital & other | $346M | −$900M | $1.2B | — |
| Operating cash flow | $817M | −$503M | $1.3B | — |
Questions
How much did Cboe Global Markets's revenue grow quarter over quarter in Q3 2026?
Cboe Global Markets's revenue fell $84.0M (-6%) from $1.4B in Q2 2026 to $1.4B in Q3 2026.
What drove Cboe Global Markets's revenue change in Q3 2026?
North American Equities −$57.8M (-11%); Europe and Asia Pacific −$14.4M (-12%); Options −$9.7M (-1%).